Sara King: LA lawyer sued after she swindled over $10M of firm's funds for 6-month gambling binge at Vegas hotel
LAS VEGAS, NEVADA: Sara Jacqueline King, an attorney from Los Angeles, is accused of spending $10.2 million of firm money on her "extravagant lifestyle," which includes a six-month gambling binge at the Wynn in Las Vegas. King, 39, is being sued for each and every money she spent by LDR International, a British lender that she formerly worked for.
King is accused of federal fraud in the 33-page complaint filed Saturday, February 18, in California Central District Court, DailyMail reports. It includes allegations of breach of contract, fraud and civil theft, as well as a series of images that King sent in an effort to gain the trust of her known connections, according to the lender's attorneys. King's emails and other correspondence defending the 97 loans made between January 2022 and October 2022 were also provided by LDR's attorneys. On the other hand, King's Newport Beach-based attorney claims she has just $11.98 left after her hard- partying binge at the $300-per-night hotel.
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Why was Sara Jacqueline King accused of federal fraud?
Sara Jacqueline King, a Los Angeles-based attorney, served as an agent for LDR and helped arrange loans for prominent clients in the country. The company allegedly provided loans to the lawyer's lending service, which bears her name, according to DailyMail.
King pledged a wide range of assets as collateral for the loans, which were intended for third parties-high-profile celebrities the lawyer said she pursued-including, but not limited to, luxury cars, boats, yachts, jewelry, watches, precious metal coins, and the proceeds of guaranteed sports contracts.
The complaint, however, alleges that no such collateral ever actually existed and that King falsified the existence of the third-party debtors and the six-figure transactions associated with them. In contrast, King's attorney claims that she lived at the Wynn in Las Vegas for six months, where she allegedly "gambled 24/7."
What claim did Sara Jacqueline King's lawyers make?
King's lawyers claim that her ex-husband, who left the country for Morocco, cooperated with them by providing gambling data from the time they spent at the resort. In a statement to the court, the lawyers said King's ex-husband, who separated from her in 2022, supports their claim that King committed fraud against the now-defunct company after it lost its money-granting license in April 2022.
This suggests that a number of the allegedly fraudulent transactions conducted by King during the six months cited were conducted by the firm without a license. The timing also roughly coincides with the period in which King is alleged to have made millions of dollars in corporate money.
The lawsuit claimed, "King spent the majority of the funds loaned by Plaintiff to King Lending to gamble in Las Vegas, fund an extravagant lifestyle, and for other personal uses by King. Plaintiff is informed and believes that King moved into the Wynn Las Vegas resort and hotel, lived there for six months, and gambled 24/7," according to DailyMail. A $450,000 1961 Aston Car and a $400,000 Tiara F44 boat were among the items King is accused of fabricating and her attorneys asserted that King had never owned those items.
Sara Jacqueline King has 'no money left to her name'
The lawsuit also claims that some of the 97 loans were to be backed by pledges obtained from professional athletes who competed in elite leagues like the NFL, MLB, NHL, and MLS. The lawyers claim that this image was given along with several others "to increase Plaintiff's trust and confidence in King in terms of her connections, lifestyle, and connections to high-profile athletes as part of her fraud and scheme," according to DailyMail.
The lawyers claimed that she has been in touch with them and has made promises to pay them back, but she is short on cash and has been looking for further loans to allegedly fund her binge. The lawuit stated, "King has recently provided evidence she only has $11.98 to her name."
The lawsuit added, "King, in an email sent on February 9, 2023, is still asking Plaintiff and its principal for more money so she can try and make back the money she has stolen. As of February 9, 2023, King also is still sending fake deals to the Plaintiff and or its agents. King claims she has spent all of the funds and has no money left to her name. King also is crossing state lines to engage in further frauds." No court date has been set yet. King has 20 days to file a formal response or a warrant will be issued for her arrest.